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Fidelity 'soft closes' Alex Wright's small companies fund

Fidelity will restrict inflows into Citywire AAA-rated manager's fund just 10 months after it reopened to investors.

Fidelity 'soft closes' Alex Wright's small companies fund

Fidelity is to restrict inflows into Citywire AAA-rated Alex Wright’s UK Smaller Companies fund just 10 months after it reopened to investors.

The £345 million fund will be removed from platforms on 6 April, although existing monthly savings plans will be able to continue.

The move follows a wave of inflows into the fund, which re-opened last year after being closed for two years.

‘Our priority is to protect the interests of existing customers,’ said a Fidelity spokesperson.

‘In order to ensure that the portfolio manager retains the flexibility to implement his investment strategy and is not constrained by liquidity, we are taking steps to slow flows into this fund and have decided to soft-close it.’

Assets under management in the fund – which Wright (pictured) co-manages with AAA-rated Jonathan Winton – totalled £248 million at the time of the 2013 soft-closure.

In the 12 months to 31 January, Fidelity UK Smaller Companies returned 9.5% versus the UK Smaller Companies sector average of 9.26%. Over three years the fund has returned 57.2% versus a peer group average of 40.8%.

1 comment so far. Why not have your say?

Hugh M

Mar 08, 2016 at 04:44

There should be no such thing as "soft close". Either the is open for new money or it is not. This just a means of charging a higher entry fee.

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